我国经理股票期权的应用研究

【作者】 刘丽；

【导师】 陈立军；

【作者基本信息】 东北财经大学 ， 会计学， 2005， 硕士

【摘要】 随着经济的发展,企业规模越来越大,由此导致了现代企业的一个显著特征:所有权与经营权的分离。企业由众多的股东拥有,而由经营者负责经营,企业高层经理人员事实上掌握着公司的控制权。在公司决策中,由于二者的追求目标存在差异,在一定条件下,经营者可能做出违背所有者利益的事情,这就产生了委托代理问题。要解决这一问题,关键在于使经营者的行为能够按照所有者的目标进行。其中很重要的一点在于利益激励机制的建立,其核心是经营者报酬模式的设计,而实施经理股票期权是解决这一问题的最佳选择。为了借鉴发达国家在经理股票期权制度建设、实施方面的经验,建立适合我国国情、具有中国特色的经理股票期权计划,我们有必要对股票期权加以深入研究,并对我国目前实施的现状进行分析,发现问题、总结经验,以便更深入地掌握股票期权制度的精髓,更好地把它运用到我国企业改革实践中去。本文主要采用规范研究方法,遵循借鉴与创新相结合的原则,对经理股票期权在我国企业的应用中存在的相关问题做一些探讨。文章共分为五个部分: 第一部分:经理股票期权的基本理论 本部分是本论文的基础章节,主要阐述了经理股票期权的基本概念、基本要素和特征,并从正反两个方面论述了经理股票期权的作用。 第二部分经理股票期权在美国的实践及启示 经理股票期权发源于企业竞争最激烈的美国,且为美国企业最重要的长期激励方式。美国上市公司、拟上市公司、高科技公司实行股票期权激励制度的情况十分普遍。本部分着重介绍经理股票期权在美国实施情况,最后总结归纳出美国实施经理股票期权所带给我们的启示。 第三部分我国实施经理股票期权的必要性及现状研究 三、四、五部分是本文的重点章节,本部分着重阐述了经理股票期权在我国实施的必要性,总结归纳了我国目前实施经理股票期权的现状及模式并对其进行评述:各个地方探索的股票期权激励制度都结合了当地企业的情况,各有特色,但是从本质上来看都并不是真正意义上的股票期权,而是期股激励制,是一种在我国现有体制、法律框架下加以改造形成的具有中国特色的股票奖励更多还原

【Abstract】 With the development of economic and the extending of enterprises’ scope, it brought about an observable characteristic of modern enterprises: the separation of ownership and operation right. The enterprise is owned by many shareholders and is operated by managers. In fact the senior managers control the whole enterprise’s operation. During the decision-making, there exists the difference between the shareholders and managers when it might be the case that the managers act as opposed to the benefits of shareholders - it arises to the agency problem. The key factor regarding this problem is to regulate the operation of the managers as the expectations of shareholders. Therefore it is important to establish prompting system as its core is to design the remuneration model. And the optimal way to solve this problem is the implementation of Executive Stock Option (ESO). To learn about the experiences in setting up and implementation of ESO from the developed countries, and build a ESO system with Chinese characteristics that best fits us, we need to delve into it and give an analysis to find out problems, so that we can grasp the essence of this system and make better use of it in the reform of our companies. The purpose of this dissertation is to discuss the relevant problems of the implementation of ESO in China depending on the normative research method and the principle combined between innovation and experiences. The dissertation is included five chapters.Chapter 1 - The Theory of Executive Stock Option (ESO)It is the basic part of this dissertation which is mainly explained the basic concept, factors and characteristics of ESO. And it discussed the roles of ESO from the positive and negative aspects.Chapter 2 - The Practice and implication of ESOESO is originated from America where has an intense competitive circumstance. And it became the significant stimulant of the development of all enterprises. In America, it is very popular to practise the ESO system in the listed co., hightechnical co. In this chapter, it is mainly discussed that how it implemented in America and which implications it brought out.Chapter 3 - The necessity and current research of the practice ESO in China Chapter 3, 4, 5 are the emphasis of this dissertation. In this chapter, it is discussed the necessity of the implementation of ESO in China. Then concluded and evaluated the actuality and the model of the implementation of ESO in China: There are various natures of ESO which are all combined with the actuality of those areas respectively. However, it is not the original meaning of ESO in nature but the option promoting system. It is formed under the reform of current system and legal framework in China. And it is the Chinese characteristic option prompting system. Chapter 4 - The Practice and solution of the practice ESO in China There exist some problems regarding China’s ESO in terms of its legal framework, government regulation, corporate structure, capital market, as well as the professional manager’s market. A detailed analysis regarding the above problems is carried out in this section, and some suggestions are given to ensure that ESO is carried out successfully in China.Chapter 5 - The relevant accounting researchThe relevant accounting systems, for example the recording, calculating and disclosing and so on are the necessarily guarantee for the practice of option stimulate system. Furthermore, the accounting systems of ESO are the main body of the regulation of ESO. Therefore, this chapter is specified on the research of relevant accounting problems.更多还原